M&A
7 Brew outbids Dutch Bros in $143M offer for Salad and Go units
7 Brew secured 73 former Salad and Go locations for over $143 million in a bulk auction on Monday, becoming the leading bidder. Dutch Bros, which had previously agreed to acquire 65 locations for $105 million, is now the backup bidder. This acquisition will accelerate 7 Brew's expansion, bringing its store count closer to that of Dutch Bros.
Papa Johns sells 28 Florida units
Papa John's announced the completion of the transfer of 28 company-owned restaurants in the Orlando area, with the buyer being two companies owned by franchisee Wade Oney. After the transaction, Oney owns more than 120 Papa John's stores. The company plans to continue promoting franchising, aiming to reduce the proportion of North American company-owned stores to a mid-single-digit percentage.
Bonchon’s American division sold to PE firm
Bonchon, a Korean fried chicken chain with 500 units worldwide, is being acquired by Minor Food and Serruya Private Equity. Minor Food will take over assets outside the Americas, while Serruya will drive U.S. expansion and enter new markets. The transaction is slated to close by end of August, amid a wave of restaurant M&A activity.
7 Brew vies for piece of Salad and Go portfolio
7 Brew 在 Salad and Go 破产案中竞购其部分门店资产，并质疑 Dutch Bros 的独家销售流程。7 Brew 律师指出其报价价值更高、成交确定性更强，但债务人仍推进与 Dutch Bros 的直接交易。Salad and Go 计划对其余 100 处租赁资产进行竞标，销售听证会定于 9 月 3 日举行。
Gen Restaurant Group mulls $100M offer for its BBQ chain
Gen Restaurant Group received a letter of intent from a multi-concept restaurant operator on Monday to acquire its Gen Korean BBQ chain with 59 locations for $100 million. The company said it will evaluate the proposal and retain its rapidly growing consumer products business.
Dutch Bros buys 65 former Salad and Go units
Dutch Bros announced on Wednesday's earnings call that it will acquire real estate and related assets for 65 former Salad and Go locations, with the transaction amount undisclosed and expected to close in the third quarter. The move aims to leverage established properties to accelerate store expansion and support its 2029 store count target.
Bain Capital buys Gong cha bubble tea chain
Bain Capital will acquire Gong Cha, with the seller being TA Associates, which took a stake in 2019. The transaction amount has not been disclosed and is expected to close in the fourth quarter. Gong Cha has approximately 2,200 stores worldwide, including about 240 in the United States, and recently acquired 170 stores from its U.S. master franchisee to strengthen operations. The brand is advancing its Gong Cha 2.0 plan and has signed a direct franchise agreement for 50 stores in Texas, targeting 1,000 stores in the U.S.
Yum bids Pizza Hut farewell, overhauls KFC
Yum Brands announced in its second-quarter 2026 earnings report the sale of Pizza Hut for $2.7 billion, while also launching a global brand renewal plan for KFC, covering boneless chicken, sauce innovation, and store design upgrades. CEO Chris Turner stated plans for a 'coordinated global push' across the top 20 markets. KFC's U.S. performance has been weak, but international expansion remains strong, with expectations for its best year yet.